Question 1

The core of economics is about

  • A Individual choice
  • B Money
  • C Profit
  • D Resources

Question 2

Freedom is at the root of what it means to be human because without freedom

  • A Man/Woman cannot make moral choices
  • B Man/Woman cannot innovate or create
  • C Man/Woman cannot choose their leaders
  • D All the above

Question 3

A free market economy consists of

  • A Prices set by government
  • B Voluntary exchange
  • C Subsidies for the production of agricultural goods
  • D Resources are determined by public policy

Question 4

Entrepreneurs are an essential part of the free enterprise system because

  • A They create new products and services thereby creating wealth
  • B They find prices disparities in the economy and correct these disparities
  • C The hire workers creating jobs
  • D All the above

Question 5

An entrepreneur creates a business plan in order to

  • A Comply with government regulations
  • B Establish a new idea for a business
  • C Analyze the competitive landscape where they will sell their product or service
  • D Fight off their competitors

Question 6

Which is NOT a component of a marketing plan?

  • A Product
  • B Pricing
  • C Placement
  • D Propaganda

Question 7

When marketing a product, an entrepreneur can establish their target market according to

  • A Demographics
  • B A coin flip
  • C Geography
  • D Both a and c

Question 8

Leadership is an important characteristic of an entrepreneur because

  • A Only leaders can start a business
  • B Leaders offer an inspiring vision
  • C Leaders are good at making others do the work
  • D Leaders have tunnel vision

Question 9

The free enterprise system leads to ethical businesses because

  • A The only way a business survives is if value is created making people better off
  • B Profits are earned at all costs
  • C Competition allows for efficient businesses to fail
  • D Workers have no choice in where they are hired

Question 10

Business regulations hurt the free enterprise system because

  • A It costs businesses millions of dollars to comply with government regulations
  • B They have the same impact on all businesses regardless of size or type
  • C Many businesses fail due to the burden of regulations and not due to using resources inefficiently
  • D They annoy business owners who have to fill out a lot of paperwork


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